Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

Sri Trang Gloves (Thailand) / Equity Bottom-Up

<ul>
<li>We maintain our Neutral rating with a new 12-month forward fair value (FV) of Bt10.50, based on a 4.5% required return and implying a PER of 22.6x (previously Bt12.40, based on a 5.1% required return).</li>
<li>Quarterly earnings in 2H26E are likely to soften from the 2Q26 level but should remain strong at around Bt400mn per quarter.</li>
<li>STGT reported 2Q26 core profit of Bt551mn (+520% YoY, +466% QoQ) and net profit of Bt566mn (+635% YoY, +48% QoQ).</li>
</ul>


We maintain our Neutral rating with a new 12-month forward fair value (FV) of Bt10.50, based on a 4.5% required return and implying a PER of 22.6x (previously Bt12.40, based on a 5.1% required return).
Quarterly earnings in 2H26E are likely to soften from the 2Q26 level but should remain strong at around Bt400mn per quarter.
STGT reported 2Q26 core profit of Bt551mn (+520% YoY, +466% QoQ) and net profit of Bt566mn (+635% YoY, +48% QoQ).


SRI TRANG GLOVES (THAILAND) Plc. (STGT): Strong 2Q26 Earnings Driven by Middle East Tensions